Update – October 2022
By October 2022, personal computer crypto mining had become costlier due to Ethereum’s shift to proof of stake. I mined for about a year and a half, learning extensively about cryptocurrency and blockchain. This knowledge inspired a career change into network security. Additionally, I gained an awesome gaming rig, enhancing my entertainment options.
When I look back at the evolution of cryptocurrency since its inception in 2014, I can’t help but kick myself for not diving into the world of digital assets earlier. Opportunities like investing in ETH in 2016 or during the market crashes in 2018 and early 2020 now seem like missed chances.
My awakening to the potential of cryptocurrency came over Christmas when I stumbled upon an article about PolkaDot (DOT. Intrigued, I engaged in several conversations with a friend who had been part of the crypto landscape since 2015. He encouraged me to get involved.
In late January 2021, I made my first cryptocurrency purchase – $200 worth of Bitcoin, which I quickly exchanged for DOT. My choice of DOT was based on my belief in its potential, and I closely monitored its price for a month as it showed promising gains.
However, continuously buying substantial amounts of crypto was beyond my financial reach. It was time to explore an alternative: crypto mining. Fueled by curiosity, I set up XMrig on my MacBook Pro and started mining XMR with a hashrate of 800 h/s. At first, I was optimistic.
After a week of mining, my balance was a mere 99 cents – a painfully slow start. Frustrated, I decided to explore building a gaming PC suitable for mining. The idea fascinated me, and I believed it could be a rewarding venture.
Part Selecting the Right Components
With guidance from my brother-in-law, I began assembling the necessary components. I opted for the Lian Li LANCOOL 215 Gaming Case, renowned for its exceptional airflow design. For the processor, I chose the AMD Ryzen 5 3600 6-Core, capable of delivering 6000 hashes. My brother-in-law generously offered his old Asus Rog Strix x470-F motherboard for a case of beer and even included a Noctua NH-U9S Premium CPU Cooler, saving me some bucks. To power the rig, I selected a 650w gold power supply, capable of handling dual GPUs in the future. All that remained was the graphics card.
Much to my surprise, I managed to snag a Radeon RX 570 Gaming 8GB Graphics Card from Newegg at an excellent price. My purchases left me feeling satisfied, considering it had been over 15 years since I last bought a Windows system.
Time to start mining
While awaiting the GPU, I began setting everything up, but my impatience got the better of me. I found a 4GB 1050ti locally, installed Windows and Steam, and loaded up 600GB of games I had been waiting to play for years. I then started mining with Nicehash since it was the only miner I could get to work with a 4GB card. I was achieving approximately 20MH/s, which ran for about three days until my RX570 arrived, much sooner than expected.
I quickly swapped the cards and decided to step up my mining game, moving away from Nicehash. My brother-in-law recommended trying Phoenix Miner, which proved to be a game-changer. Configuration took some time, given my limited knowledge, and I initially achieved only 8 MH/s. After several hours of troubleshooting with my brother-in-law, adjusting page pools, overclocking with MSI Afterburner, and realizing I hadn’t enabled Compute Mode, I got Phoenix Miner mining ETH at 29 MH/s with the RX570. Concurrently, I was pulling 6100 H/s while mining XMR using XMrig on the CPU.
I was ecstatic, with an estimated monthly mining profit of around $120. Over the next two weeks, I watched my balance grow diligently, occasionally experiencing minor freak-outs, fearing I had messed something up.
First payout
After two weeks, I still hadn’t received my payment, but I assumed it was just a delay. However, when it finally arrived, my first ETH payout was 0.00245 – equivalent to approximately $51.16 CAD at the time. A week later, it had grown to around $60, which was a decent start for a first-time miner.
I must admit that I was quite nervous throughout the process until that first payment safely landed in my Exodus.io wallet. I owe a considerable debt of gratitude to my brother-in-law, who patiently answered my countless questions without a hint of annoyance. At the time of writing, I was using a hot wallet. In July of 2021, I purchased a Ledger Nano X, and you can read a post I wrote about The importance of using a hardware wallet.
Craving More
While I intend to assess how my current mining operation performs, I can’t help but crave more. My first taste of profits and an understanding of the potential earnings have left me hungry for further exploration. Unfortunately, finding a decent GPU these days at a reasonable price is like searching for a needle in a haystack. I consider myself incredibly fortunate to have acquired what I did in such a short time, but I’ll keep my eyes peeled for opportunities to enhance my setup.
Don’t get me wrong; I’m content with my estimated monthly earnings of $120, which can fluctuate with market conditions. However, adding another card or rig could significantly boost those profits. I’m genuinely excited about the future of cryptocurrency and blockchain technology.
Have you considered blockchain tech or Crypto?
I’ve dedicated a significant portion of the past few weeks to learning about crypto and blockchain. Technology is reshaping industries worldwide, and by 2025, an estimated 18 percent of the global GDP will flow through blockchain. I firmly believe that crypto is here to stay, and its impact will only continue to grow. I’d love to hear your thoughts on crypto in the comments – let’s engage in a conversation about this exciting technology!
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